And many of these customers are seeking additionality. What that means is they want a new wind farm built. They want to be able to contribute to the greener future directly and tangibly by having a wind farm that they can claim essentially as their own, and we're happy to provide that.

and many of these customers are seeking additionality what that means is they want a new wind farm built they want to be able to contribute to the greener future directly and tangibly by having a wind farm that they can claim essentially as their own and we're happy to provide that


And so I think that -- there's a couple of dynamics that play there that are -- that need to be dealt with. One is that the overall cost of funds in the repo world, where we pledge loans to banks who -- and they give us financing,

and so i think that there's a couple of dynamics at play there that are -- that need to be dealt with one is that the overall cost of funds in the repo world where we pledge loans to banks and they give us financing


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or 2 to 6 months after that lumber was dropped on the lot. And so you would see that particular cost line potentially having some pressure. But I would tell you that we would expect to see some of those things offset by other decreases

or 2 to 6 months after that lumber was dropped on the lot and so you would see that particular cost line potentially having some pressure but i would tell you that we would expect to see some of those things offset by other decreases


Maintaining a strong strategic hedging program is an important element to supporting the long-term development of our assets, and we will opportunistically layer on additional hedges and basis swaps to provide line of sight to our realizations and cash flows.

maintaining a strong strategic hedging program is an important element to supporting the long-term development of our assets and we will opportunistically layer on additional hedges and basis swaps to provide line of sight to our realizations and cash flows


our subcontractor model, would it slow down adoption of such technologies? I mean, the answer to that is no, in general. But Rob just gave an important speech that sort of represents

our subcontractor model would it slow down adoption of such technologies i mean the answer to that is no in general but rob just gave an important speech that sort of represents


We're very proud of the progress the FedEx team has made in recovering from the effects of the cyberattack at TNT. Let me express our appreciation to the thousands of FedEx professionals

we're very proud of the progress the fedex team has made in recovering from the effects of the cyber attack at tnt let me express our appreciation to the thousands of fedex professionals


Yes, it's -- for the -- it's hard to say because we're not sure what's going to happen with capacity. Capacity is pretty loose right now. If it tightens up with ELDs going into effect at the end of the year,

yes it's -- for the -- it's hard to say because we're not sure what's going to happen with capacity capacity is pretty loose right now if it tightens up with elds going into effect at the end of the year


so if the markets are more or less where they are, the FX do not go crazy, then you can calculate that in 1, 2 years, we will be again well capitalized from our own capital generation.

so if the markets are more or less where they are the fx do not go crazy then you can calculate that in 1 2 years we will be again well capitalized from our own capital generation


I'll turn now to our financial guidance for the fourth quarter and full fiscal year of 2016. We believe that Mercury's market opportunities and backlog position us to continue delivering solid revenue growth in the fourth quarter of the fiscal year.

i'll turn now to our financial guidance for the fourth quarter and full fiscal year 2016 we believe that mercury's market opportunities and backlog position us to continue delivering solid revenue growth in the fourth quarter of the fiscal year


But we do think there's a couple of ideas that we're going to go forward with. We're trying to work, as I said, with a number of different parties to try to get people to sign off. I think it's -- strength is in numbers when you go to FERC, and we think we're trying to -- or I think we may have a coalition.

but we do think there's a couple of ideas that we're going to go forward with we're trying to work as i said with a number of different parties to try to get people sign off i think it's strength is in numbers when you go to ferc and we think we're trying to -- or we may have a coalition


decades, that people value plenty of aspects of what Visa brings to the table from our global scale to our risk and fraud prevention tools to our brand, et cetera.

decades that people value plenty of aspects of what visa brings to the table from our global scale to our risk and fraud prevention tools to our brand et cetera


we will then take them off, manufacture them ourselves and sell them. During the course of this period, very few goods have not met or exceeded our reserve price,

we will then take them off manufacture them ourselves and sell them during the course of this period very few goods have not met or exceeded our reserve price


and the replay will be available on our website until the next earnings call. Please note this webcast is a property of iPass and any copying of or rebroadcasting without express prior written consent of iPass is prohibited.

and a replay will be available on our website until the next earnings call please note this webcast is the property of ipass and any copying of or broadcasting without express prior written consent of ipass is prohibited


And then the other thing I'll note, and this is things that we're working on, our systems and processes in iPass, I made the comment that we moved very quickly and in a very short period of time made a lot of progress with the company.

and then the other thing i'll note and this is things that we're working on our systems and processes in ipass i made a comment that we moved very quickly and in a very short period of time made a lot of progress with the company


Last area that I want to highlight is the SME part of our portfolio. We've been growing the number of customers that we have in this segment in both property and specialty lines and marine over the last several years.

the last area that i want to highlight is the sme part of our portfolio we've been growing the number of customers that we have in this segment in both property and specialty lines and marine over the last several years


such as the OSS integration, 5G technologies and virtualization. The next steps in simplification and digitalization will enable us to improve even further our customer experience,

such as the oss integration 5g technologies and virtualization the next steps in simplification and digitalization will enable us to improve even further our customer experience


where we both developed in the mass and the derma or the therapeutic market. It's as such an interesting market that creates value and where we are strengthening our competitive situation.

where we both developed in the mass and the derma or the therapeutic market it's such an interesting market that creates value and where we are strengthening our competitive situation


by the affordable housing module and the fact that we have the Every Comp, Everywhere, which is making us competitive in some of those segments that we heretofore haven't been able to play. So that's kind of how I would rank and prioritize

by the affordable housing module and the fact that we have the everycomp everywhere which is making us competitive in some of those segments that we heretofore haven't been able to play so that's kind of how i would rank and prioritize


how do you think about it maybe from new tests versus existing tests. How does -- you guys have been very innovative with new product rollouts. How does that help support future volume growth? Could you put some color around that?

how do you think about it maybe from new tests versus existing tests how does -- you guys have been very innovative with new product rollouts how does that help support future volume growth could you put some color around that


These assets have performed extremely well during the year, with our overall occupancy rate remaining consistently high at 97% and the portfolio has continued to grow through contractual lease escalators and modifications.

these assets have performed extremely well during the year with our overall occupancy rate remaining consistently high at 97% and the portfolio has continued to grow through contractual lease escalators and modifications


Late last night, we were advised by our contractor of a previous commitment that may prevent them from constructing the mill. Clearly, it will take some more time to get a fuller understanding of the situation, but we remain fully committed to building a greenfield mill.

late last night we were advised by our contractor of a previous commitment that may prevent them from constructing the mill clearly it will take some more time to get a fuller understanding of the situation but we remain fully committed to building a greenfield mill


color as to what actually happened in the April quarter, where there was strength and where there might have been some relative weakness. And then as you think about sort of the re-acceleration into July, maybe some color around segments within wired would be helpful as well.

color as to what actually happened in the april quarter where there was strength and where there might have been some relative weakness and then as you think about sort of the reacceleration into july maybe some color around segments within wired would be helpful as well


continued growth really relates to the marketing endeavors. And granted, you're acknowledged by Ovum here. But can you talk to how you're able to translate that recognition into more

continued growth really relates to the marketing devers and granted you're acknowledged by ovm here but can you talk to how you're able to translate that recognition into more


Given the unprecedented levels of bandwidth required to connect everything from toasters to dishwashers to factories, fiber, and more importantly, fiber management and pathway solutions will be the key enabler for a more connected future.

given the unprecedented levels of bandwidth required to connect everything from toasters to dishwashers to factories fiber and more importantly fiber management and pathway solutions will be the key enablers for a more connected future


Okay. And then just sort of international by region, maybe help us understand Western Europe, the big markets. How do you expect those to grow in the back half? And then Latin American as well? Yes. I still think they're in the

okay and then just sort of international by region maybe help us understand western europe the big markets how do you expect those to grow in the back half and then latin america as well yes i still think they're in the


I don't know. Right now we're selling pretty well. I think our margins are better than most of those for our customers. So right now, we're in a status quo. But we certainly do watch all of that to see what will take our space. Haven't heard that anything is outrageously significant yet.

i don't know right now we're selling pretty well i think our margins are better than most of those for our customers so right now we're in a status quo but we certainly do watch all of that to see what will take our space haven't heard that anything is outrageously significant yet


Consumers have an increasing appreciation for the value of the health benefits related to weight loss, which fundamentally changes the purchasing decision and provides great permission to spend in a critical arena of their lives.

consumers have an increasing appreciation for the value of the health benefits related to weight loss which fundamentally changes the purchasing decision and provides greater permission to spend in a critical arena of their lives


like the core business as it sets up. I think the big, big opportunity that some others have demonstrated is this downmarket full AP thing that we've been working on and modeling and finally launched that

we like the core business as it sets up i think the big big opportunity that some others have demonstrated is this downmarket full ap thing that we've been working on and modeling and finally launched that


My explanation follows the presentation materials entitled Results for the 9 Months Ended December 2015, which is shown in the center of the viewing screen. Please turn to Page 2 of the materials.

my explanation follows the presentation materials entitled results for the 9 months ended december 2015 which are shown in the center of the viewing screen please turn to page 2 of the materials


The increase was driven by higher loan volumes mainly in our auto business in Puerto Rico as well as higher volumes and rates on investments, partially offset by higher volumes and cost of interest-bearing deposits.

the increase was driven by higher loan volumes mainly in our auto business in puerto rico as well as higher volumes and rates on investments partially offset by higher volumes and cost of interest-bearing deposits


We have discussed previously our efforts to utilize a significant amount of net operating losses, or NOLs, held by Syncora. As we see positive events for the company on the horizon that will reduce our overall risk

we have discussed previously our efforts to utilize the significant amount of net operating losses or nols held by sincora as we see positive events for the company on the horizon that will reduce our overall risk


In the long-term, logistics matter. We think the trucking problem today in the Permian will worsen, and it will erase the economic benefit of using regional sand.

in the long term logistics matter we think the trucking problem today in the permian will worsen and will erase the economic benefit of using regional sand


if we do end up getting a rate hike, like do you see the margin at this point relatively neutral? Or would you consider yourselves a little liability-sensitive there, there's maybe upside to the margin as the year progresses without any Fed rate hikes? Any color there would be helpful.

if we do end up getting a rate hike like do you see the margin at this point relatively neutral or would you consider yourself liability sensitive where there's maybe upside to the margin as the year progresses without any fed rate hikes any color there would be helpful


to meet the needs of their clients. And as Steve walked you through, the greatest part about that is when we put that financing on there, we're going to continue to make ongoing revenue streams out of that financing rather than just brokering the deal off to somebody else.

to meet the needs of their clients and as steve walks you through the greatest part about that is when we put that financing on there we're going to continue to make ongoing revenue streams out of that financing rather than just brokering the deal off to somebody else


Our entire team worked tirelessly in the first quarter to deliver against our model for growth with profitability, and I'm proud of what we accomplished. Our pipeline is robust and in the first quarter, we added more qualified opportunities than ever before,

our entire team worked tirelessly in the first quarter to deliver against our model for growth with profitability and i'm proud of what we accomplished our pipeline is robust and in the first quarter we added more qualified opportunities than ever before


structural investments that would drive sort of a step change in our cost structure, we continue to aggressively evaluate those opportunities. We've met with our Board to talk about a few of those. We're meeting with our Board again at our next meeting to go over some others and

structural investments that would drive sort of a step change in our cost structure we are -- we continue to aggressively evaluate those opportunities we've met with our board to talk about a few of those we're meeting with our board again in our next meeting to go over some others and


which has caused France to be in a very difficult and miserable situation in the first half of 2017. And given this situation and also given the fact

which has caused france to be in a very difficult and miserable situation in the first half of 2017 and given this situation and also given the fact


We believe that we have meaningful growth opportunities ahead. Industry trends, such as the unbundling of research from execution, a greater focus on measurement, and further global adoption of electronic trading are winds at our back.

we believe that we have meaningful growth opportunities ahead industry trends such as the unbundling of research from execution a greater focus on measurement and further global adoption of electronic trading are wins at our back


This reflects the lower operating performance of these plants consistent with the industry this year versus last year and the fact that we stopped recognizing equity income on the Patriot plant at May 31, 2015, upon the close of that sale.

this reflects the lower operating performance of these plants consistent with the industry this year versus last year and the fact that we stopped recognizing equity income on the patriot plant at may 31 2015 upon the close of that sale


But certainly, the underlying indicators of traffic, homeowner intention to buy, affordability, some of the other things that drive housing have continued to improve and would suggest that we will see another year of good housing performance this year.

but certainly the underlying indicators of traffic homeowner intention to buy affordability some of the other things that drive housing have continued to improve and would suggest that we'll see another year of good housing performance this year


So as with all algorithm driven engines, we'll continue to refine that as you put the output back into the import and it refines going forward. So that's an important step in our new retail systems using AI to guide our clearance activity.

so as with all algorithm-driven engines we'll continue to refine that as you put the output back into the input and it refines going forward so that's an important step in our new retail systems using ai to guide our clearance activity


The results we have obtained in ALL are very convincing to try to expand this in a lot of different type of indications, and I think that there is absolutely no restriction behind this.

the results we have obtained with the ll are very convincing to try to expand this in a lot of different type of indications and i think that there is absolutely no restriction behind this


We are encouraged by our results that demonstrate the KO-539 has the potential to be active in subtypes representing approximately half of patients with AML and drive robust and persisting responses in preclinical models.

we are encouraged by our results that demonstrate that ko539 has the potential to be active in subtypes representing approximately half of patients with aml and drive robust and persistent responses in preclinical models


Video equipment, which include projectors and display panels, also increased across all end markets, up nearly double digits in the quarter. NetComm increased high single digits with gains in all but one customer market.

video equipment which include projectors and display panels also increased across all end markets up nearly double digits in the quarter netcom increased high single digits with gains in all but one customer market


Clients are also transacting less, and in smaller amounts. And from a banking point of view, those of our customers who are on packages are transacting more in-package to avoid the fees for transacting out of package.

clients are also transacting less and in smaller amounts and from a banking point of view those of our customers who are on packages are transacting more in package to avoid the fees for transacting out of package


But we also see the power of physical marketing, and our new Studio D concept, which we've opened as a pop up in Melbourne with our Dulux business, is an example of how we are continually innovating in our decorative paints business.

but we also see the power of physical marketing and our new studio d concept which we've opened as a pop-up in melbourne with our dulux business is an example of how we are continually innovating in our decorative paints business


to drive that Collectibles business and move it up to the international average. And so that is a strong growth provider for us in the future. And in order to do with that, we are developing and -- we have developed and are developing a very robust collectibles

to drive that collectibles business and move it up to the international average and so that is a strong growth provider for us in the future and in order to do that we are developing and have -- we have developed and are developing a very robust collectibles


for the roughly 1 million relationships coming on board. TCA has been part of the family for about 3 months now, and the transition has been exceptionally smooth. Our new business momentum continues just as we put the strength of our brand behind it.

for the roughly 1 million relationships coming on board tca has been part of the family for about 3 months now and the transition has been exceptionally smooth our new business momentum continues just as we put the strength of our brand behind it


a diabetes clinic that schedules their day every Thursday for removals and reinsertions. And they implement those kinds of practice flows. We actually have many providers who

a diabetes clinic that schedules their day every thursday for removals and reinsertions and they implement those kinds of practice flows we actually have many providers who


dividends or other income from a 50% equity stake in the joint venture company with AREVA. The strong support, we have witnessed from AREVA is further validation of our technology

dividends or other income from a 50% equity stake in the joint venture company with areva the strong support we have witnessed from areva is further validation of our technology


Reduced overheads were the big driver of our margin improvement. Our productivity initiatives focus on tight management of every line item within overheads, and our actions to reduce these costs delivered strongly in this half.

reduced overheads were the big driver of our margin improvement our productivity initiatives focused on tight management of every line item within overheads and our actions to reduce these costs delivered strongly in this half


here on the administrative side and also some potential increases in DSO and maybe even bad debt expense for a period of time as we transition to this new provision, we think that, that will be temporary.

here on the administrative side and also some potential increases in dso and maybe even bad debt expense for a period of time as we transition to this new provision we think that that will be temporary


big growth channel for us. What we're looking for is not just shifting, as consumers just shift perhaps from brick-and-mortar to e-com, but how do we actually make that incremental to our overall sales versus just a shifting. So

big growth channel for us what we're looking for is not just shifting as consumers just shift perhaps from brick-and-mortar to e-comm but how do we actually make that incremental to our overall sales versus just a shifting so


more sophisticated random and impact copolymers. Our licensing pipeline is healthy and growing with more than 10 opportunities expected to reach decision points in the next 6 to 9 months.

to more sophisticated random and impact copolymers our licensing pipeline is healthy and growing with more than 10 opportunities expected to reach decision points in the next 6 to 9 months


Throughout today's call, we will be presenting certain non-GAAP financial measures, which have been adjusted to exclude expenses and other gains or losses related to restructuring -- restructurings, litigation and tax matters and certain other items.

throughout today's call we will be presenting certain non-gaap financial measures which have been adjusted to exclude expenses and other gains or losses related to restructuring -- restructurings litigation and tax matters and certain other items


Moving to working capital. DSOs were 99 days, which was consistent with both our second and third quarters in fiscal '16. DSOs continue to be impacted by slower international customer payments, as I just noted.

moving to working capital dsos were 99 days which was consistent with both our second and third quarters in fiscal '16 dsos continued to be impacted by slower international customer payments as i just noted


We also saw and you're seeing in Q1 so far what I would describe as a couple of key accounts that are reducing spending or changing spending habits a little bit, which are driving our outlook for the quarter.

we also saw -- you're seeing in q1 so far what i would describe as a couple of key accounts that are reducing spending or changing spending habits a little bit which are driving our outlook for the quarter


reflecting our effort to bring these assets up to our proudly owned and operated by standard. I would expect that rate of spend to begin to moderate as we get through more of the portfolio and address some of the items

reflecting our effort to bring these assets up to our proudly owned and operated by standard i would expect that rate of spend to begin to moderate as we get through more of the portfolio and address some of the items


Our business fundamentals are solid and we have significant competitive advantages, including extensive distribution in a vastly underserved target market. I feel good about where we are and our ability to leverage our core competencies to drive future growth.

our business fundamentals are solid and we have significant competitive advantages including extensive distribution in a vastly underserved target market i feel good about where we are and our ability to leverage our core competencies to drive future growth


Now on to, SPINRAZA. The initial underlying demand has been robust. We noticed a solid progress in terms of both infrastructure and insurance coverage.

now on to spinraza the initial underlying demand has been robust we notice a solid progress in terms of both infrastructure and insurance coverage


we believe Norbord is well positioned to manage through this period of volatility. As always, our commitment is controlling our controllables. We will continue to only produce what we can sell.

we believe norboard is well positioned to manage through this period of volatility as always our commitment is controlling our controllables we will continue to only produce what we can sell


compared to the first quarter of 2015. As mentioned above, the decrease in operating income was largely due to lower revenues and unfavorable product mix in the Armament Systems division as compared to last year's period.

compared to the first quarter of 2015 as mentioned above the decrease in operating income was largely due to lower revenues and unfavorable product mix in the armament systems division as compared to last year's period


More specific to the technology side of the integration, we're focused on migrating the European systems to our global authorization clearing and settlement systems as well as deploying our global data platform and other corporate systems into Europe.

more specific to the technology side of the integration we're focused on migrating the european systems to our global authorization clearing and settlement systems as well as deploying our global data platform and other corporate systems into europe


And then third thing I would say and emphasize is we're really taking a very thoughtful approach to the relaunch of the company. I've mentioned in the past, we have been much too internally focused over the past three years.

and then third thing i would say and emphasize is we're really taking a very thoughtful approach to the relaunch of the company i've mentioned in the past we have been much too internally focused over the past 3 years


and we do entertain that from time-to-time with certain customers. It's a really small percentage of our total revenue, but nonetheless because it's immediately recognized it can have an outsized impact and that's really what happened.

and we do entertain that from time to time with certain customers it's a really small percentage of our total revenue but nonetheless because it's immediately recognized it can have an outsized impact and that's really what happened


and demands to be connected and demands increasingly more data ubiquitously, combined with a telecommunications industry that is struggling to meet these consumer demands profitably.

and demands to be connected and demands increasingly more data ubiquitously combined with a telecommunications industry that is struggling to meet these consumer demands profitably


Roche Group through Genentech, I believe, in the second week of this year, issued an open letter to hemophilia patient groups with the purpose of providing information.

roche group through chintec i believe in the second week of this year issued an open letter to hemophilia patient groups with the purpose of providing information


I would like to advise you that this call is being recorded for replay through our conference call provider and is being broadcast live through an Internet webcast system. Following our brief remarks, there'll be an opportunity for questions.

i would like to advise you that this call is being recorded for replay through our conference call provider and is being broadcast live through an internet webcast system following our brief remarks will be an opportunity for questions


And we believe that as this is a major challenge for us, that we need to accelerate and invest more in order to be able to increase our abilities.

and we believe that as this is a major challenge for us that we need to accelerate and invest more in order to be able to increase our abilities


once the rules are fully implemented. For example, there will be a lot of vape shops going out of business. Now we've contracted outside retail agents to call on these vape shops to see if we can convert those over.

once the rules are fully implemented for example there will be a lot of vape shops going at a business that we've contracted outside retail agents to call on these vape shops to see if we can convert those over


This is the second fatality we've at the mine so far this year. Obviously, it's a severe setback after we have reported some significant improvements over the past few years in our safety record.

this is the second fatality we have had at the mine so far this year obviously it's a severe setback after we have reported some significant improvements over the past few years in our safety record


And the reason that it's possible is what I just mentioned in my presentation that we have initiated to work with new methods and the data science in a different way, where we will also be able to optimize promotion, drive growth,

and the reason that it's possible is what i just mentioned in my presentation that we have initiated to work with new methods and data science in a different way where we will also be able to optimize promotions drive growth


as a result of these incremental increases in expenses and interest costs that might have made certain deals that we're penciling out late last year, not pencil out. That said, transaction volume has not really been dramatically impacted.

as a result of these incremental increases in expenses and interest costs that might have made certain deals that were penciling out late last year not pencil out that said transaction volume has not really been dramatically impacted


and that NOV can bring proprietary tools to oilfield service companies to deliver these wellbores. We believe that composite technologies will defeat corrosion in the oilfield, the most expensive production problem that many of you probably never think about.

and that nov can bring proprietary tools to oilfield service companies to deliver these wellbores we believe that composite technologies will defeat corrosion in the oilfield the most expensive production problem that many of you probably never think about


we're already in the middle of doing significant amounts of qualifications for incremental revenue. And even while we see a more robust Q4 in front of us across the board,

we're already in the middle of doing significant amounts of qualifications for incremental revenue and even while we see a more robust q4 in front of us across the board


in '18 and then I don't have Gulfstream delivering until '18, remind me, when you're sending content to Gulfstream for those first few deliveries, how far out ahead that is and then for how many quarters do you think we see this

in '18 and then i don't have gulfstream delivering until '18 remind me when you're sending content to gulfstream for those first few deliveries how far out ahead that is and then for how many quarters do you think we see this


from a revenue standpoint. So we want to get that out there. But I think it's also important to talk maybe just a little bit of the carryover for Zetia and quetiapine because they're so big contributors to what we're doing. So when you look at those 2 products,

from a revenue standpoint so we want to get that out there but i think it's also important to talk maybe just a little bit of the carryover for our zetia and qatia because they're so big contributors to what we're doing so when you look at those 2 products


if someone else wants to pay more, that's fine. It doesn't really have anything to do with what we ought to be willing to do nor do I think that sort of the decline in

if someone else wants to pay more then that's fine that doesn't really have anything to do with what we ought to be willing to do nor do i think that the decline in the


more or less all items in a way that they are decreasing the balance sheet. And non-current assets increased mainly as a consequence of the acquisitions made in the construction and also we have

more or less all items in a way that they are decreasing the balance sheet and noncurrent assets increased mainly as a consequence of the acquisition made -- acquisitions made in the construction and also we have


Our performance in tractor utilization lags the progress we have achieved in other key metrics and, thus, remains a significant focus. We know that to truly compete, we must close the gap between ourselves and the industry on this measure.

our performance in tractor utilization lags the progress we have achieved in other key metrics and thus remains a significant focus we know that to truly compete we must close the gap between ourselves and the industry on this measure


and thirdly, very quickly if you could comment upon silicon carbide traction for you outside automotive and whether that is also trending in-line with expectations or ahead of expectations. Thank you?

and thirdly very quickly if you could comment upon silicon carbide traction for you outside automotive and whether that is also trending in line with expectations or ahead of expectations thank you


that kind of stuff is going to really come into the market, and it's a cost that people have not planned on. So in that, as those costs go up, we think that terminals in Northern White will come back in those markets.

that kind of stuff is going to really come into the market and it's a cost that people have not planned on so in that as those costs go up we think that terminals in northern white will come back in those markets


the diseases. I would like to return to one question of Nicole's which I did not address, which was our expectation about whether multiple doses would lead to a lower oxalate level. And it is our expectation

the diseases i also would like to return to one question of nicole's which i did not address which was our expectation about whether multiple doses would lead to a lower oxalate level and it is our expectation


Actual results may differ materially from those expected or implied. Forward-looking statements are as of the date they are made, and we undertake no obligation to update any forward-looking statement beyond what is required by applicable securities law.

actual results may differ materially from those expected or implied forward-looking statements are as of the date they are made and we undertake no obligation to update any forward-looking statement beyond what is required by applicable securities law


When we look at the investment, which includes the purchase pricing, the original IP and the leases associated with them, the capital expenditures associated with it and whatever operating losses exist to ramp it up,

when we look at the investment which includes the purchase price of the original ip and the leases associated with them the capital expenditures associated with it and whatever operating losses exist to ramp it up


well cost. So we do a lot of things that enable us to continue to make steady improvements in our well costs. And we can't be more proud of our operational teams as they continue to strive to do that.

well costs so we do a lot of things that enable us to continue to make steady improvements in our well costs and we can't be more proud of our operational teams as they continue to strive to do that


and other services that help our advisers meet the growing and changing needs of their clients. In summary, delivering these enhancements is intended to benefit our advisers through increase scale, lower operating costs and enabling growth.

and other services that help our advisers meet the growing and changing needs of their clients in summary delivering these enhancements is intended to benefit our advisers through increased scale lower operating costs and enabling growth


and a significant divestment impact from the hearing plan business. And then if you go to the retail, you can see the composition of the strong growth we had on the audiological care side,

and a significant divestment impact from the hearing planet business and then if you go to the retail you can see the composition of the strong growth we had on the audiological care side


And we are selling those things that we don't -- we have decided that it's not worth the organic or the inorganic investment to us if the opportunities are elsewhere, and that's really how we've been making those decisions. And also keep in mind, things that are small

and we are selling those things that we don't -- we have decided that it's not worth the organic or the inorganic investment to us that the opportunities are elsewhere and that's really how we've been making those decisions and also keep in mind things that are small


Every single one of our cloud benefits from Einstein in this way, and by making it easy to adopt and easy to use, our customers are actually seeing the value of AI without hiring a legion of data scientists. And that's really the promise of Einstein and really our philosophy behind

every single one of our clouds benefits from einstein in this way and by making it easy to adopt and easy to use our customers are actually seeing the value of ai without hiring a legion of data scientists and that's really the promise of einstein and really our philosophy behind


And so these normalization of mine plans take time, and that's why we insist on gradual. We keep back to going gradual because it will be -- it will take, again, years to normalize the mine plans.

and so these normalization of mine plans take time and that's why we insist on gradual we keep back to going gradual because it will be -- it will take again years to normalize the mine plans


The slide also illustrates our ability to recover from increases in raw material costs. So in summary, our Price Right strategy continues to deliver core unit margins that are consistent with our historical and longer-term, sustainable levels.

this slide also illustrates our ability to recover from increases in raw material costs so in summary our price right strategy continues to deliver core unit margins that are consistent with our historical and longer-term sustainable levels


and in France, where we were forced to take one line down for 8 days and a second line down for 10 days due to the quality of feedstocks we received from a supplier. The impact of these outages was confined to the third quarter with no lingering effect

and in france where we were forced to take one line down for 8 days and a second line down for 10 days due to the quality of feedstocks we received from a supplier the impact of these outages was confined to the third quarter with no lingering effect


potential contracts and why I think '17 could be a lift and the range and all that stuff. Because if you guys have internal models showing that, which I'm sure you do, then you're transacting on data

potential contracts and why i think '17 could be a lift in the range and all that stuff because if you guys have internal models showing that which i'm sure you do then you're transacting on data


over the 5-year period, all of that while still generating double-digit EPS growth and strong cash flow. So we think our underlying business fundamentals are quite solid. There's obviously a lot of moving pieces in this challenging environment,

over the 5-year period all of that while still generating double-digit eps growth and strong cash flow so we think our underlying business fundamentals are quite solid there's obviously a lot of moving pieces in this challenging environment


The acquisition of the original equipment business for Maval industries announced earlier this year is an excellent example of us expanding our offerings to provide more fully integrated solutions to our customers.

the acquisition of the original equipment business for mabel industries announced earlier this year is an excellent example of us expanding our offerings to provide more fully integrated solutions to our customers


We plan to extend our lead and build out capabilities that further strengthen our value proposition. On the last call, we discussed a major technology initiative we have underway to transform the patient and physician experience with the revenue cycle.

we plan to extend our lead and build out capabilities that further strengthen our value proposition on the last call we discussed a major technology initiative we have underway to transform the patient and physician experience with the revenue cycle


the very high level of clinical activity both in terms of the response rate, 4 out of the first 6 patients responding as well as the durability. So what that means in terms of thinking about a pivotal trial is,

the very high level of clinical activity both in terms of the response rate 4 out of the first 6 patients responding as well as the durability so what that means in terms of thinking about a pivotal trial is


We look forward to updating you on our progress in these important regions as we continue to add distribution capacity and learn more about the drivers of adoption and ultimately, utilization in these institutions. Now I'll hand it back over to John. Thanks, David.

we look forward to updating you on our progress in these important regions as we continue to add distribution capacity and learn more about the drivers of adoption and ultimately utilization in these institutions now i'll hand it back over to john thanks david


it sounds as though we won't really see much of a change in the in-store offering here in Canada until later in 2019 and really we should be looking to '20 and '21 in terms of how it builds. Is that fair?

it sounds as though we won't really see much of a change in the in-store offering here in canada until later in 2019 and really we should be looking to 20 and 21 in terms of how it builds is that fair


thermal performance, extended asset life and other operational efficiencies. We're also making progress establishing strategic relationships with key partners in the composites world for both the development, manufacturing and further extension of the technology.

thermal performance extended asset life and other operational efficiencies we are also making progress establishing strategic relationships with key partners in the composites world for both the development manufacturing and further extension of the technology


I think it hasn't been a surprise. I think it's been a very positive experience. We really enjoy working with the teams, and we've got detailed integration plans that we are beginning to execute on. And we look forward to giving you the new guidance in a couple of months.

i think it hasn't been a surprise i think it's been a very positive experience we really enjoy working with the teams and we've got detailed integration plans that we are beginning to execute on and we look forward to giving you the new guidance in a couple of months


that we have in France, 7 million of those sit within those Triassic reservoirs, so that can help to unlock the value of some of those resources. So we expect by the end of the year to get to,

that we have in france 7 million of those sit within those triassic reservoirs so that can help to unlock the value of some of those resources so we expect by the end of the year to get to


and the expansion of existing co-chair agreements were announced in the half. And we think they add considerable consumer benefit, aid with competition and help improve the economics of our international operation.

and the expansion of existing code shared agreements were announced in the half and we think they add considerable consumer benefits aid with competition and help improve the economics of our international operation


So we think we may see some homes closing at a slower average sales price and a customer selecting a 1,400 or 1,500 square foot instead of a 1,600 to 1,800 square feet as one of the offsets to rates increasing.

so we think we may see some homes closing at a slower average sales price and a customer selecting a 1 400 or 1 500 square foot instead of a 1 600 to 1 800 square feet as one of the offsets to rates increasing


in the last year or 2. And so if you take those 2 sort of things, that probably gives you a good view of what's going on in the industry. Some of the companies are pulling back, some of the companies are slowing down, but a lot of that gap is being filled by some of these credit unions.

in the last year or 2 and so if you take those 2 sort of things that probably gives you a good view of what's going on in the industry some of the companies are pulling back some of the companies are slowing down but a lot of that gap is being filled by some of these credit unions


part of that is making sure that we are trend right and that our styles match today what our customers are looking for and then focused on innovation. And so you'll see us

part of that is making sure that we are trend right and that our styles match today what our customers are looking for and then focused on innovation and so you'll see us


on our transportation network, our efforts to improve our network capacity and efficiency are beginning to pay off with financial benefits and improved service levels. So to summarize, we have 20 work streams in progress

on our transportation network our efforts to improve our network capacity and efficiency are beginning to pay off with financial benefits and improved service levels so to summarize we have 20 work streams in progress


we see in the organization. We continue to see a difficult but an opportunity-filled environment. And we continue to look for ways to grow our business, continue to improve our returns and capitalize on the momentum

we see in the organization we continue to see a difficult but an opportunity-filled environment and we continue to look for ways to grow our business continue to improve our returns and capitalize on the momentum


Before we start the conference call this morning, I'll mention that some of the statements that we make during this call may include projections, estimates and other forward-looking information. This would include any discussion of the company's business outlook.

before we start the conference call this morning i'll mention that some of the statements that we make during this call may include projections estimates and other forward-looking information this would include any discussion of the company's business outlook


a very good skillset to be put at work for a wide counterparty in terms of a distribution agreement taking into consideration that pricing properly the loan and the disposing

a very good skill set to be put at work for a wide counterparty in terms of distribution agreement taking into consideration that pricing properly the loan and disposing


In the fourth quarter, it is true that there were special factors. In the third quarter of last year up to the first quarter of this year,

in the fourth quarter it is true that there were special factors in the third quarter of last year up to the first quarter of this year


Our products were well received and we expect to continue to build on the strong momentum we delivered in the quarter as these new innovations hit the market in 2019. So we feel good about our momentum in the Legacy Conagra business.

our products were well received and we expect to continue to build on the strong momentum we delivered in the quarter as these new innovations hit the market in 2019 so we feel good about our momentum in the legacy conagra business


We do expect that automation and technology will continue to generate productivity improvement, but I don't think it's fundamentally changing the percentage of increment that we're providing on a year-over-year basis at this point in time.

we do expect that automation and technology will continue to generate productivity improvements but i don't think it's fundamentally changing the percentage of increment that we're providing on a year-over-year basis at this point in time


Sales productivity continued to improve for both hunting and farming opportunities, driving a steadily expanding pipeline and the acceleration in constant currency revenue growth.

sales productivity continued to improve for both hunting and farming opportunities driving a steadily expanding pipeline and the acceleration in constant currency revenue growth


We're well known within IT and with CIOs, but our platform is being aggressively deployed outside of IT to provide real value in areas such as HR, security and customer service.

we're well known within it and with cios but our platform is being aggressively deployed outside of it to provide real value in areas such as hr security and customer service


Now that's how you're going to get back to that higher level of growth? Is that the way to think about it? Yes, I think the opportunity is both white space in terms of our category participation as well as our channel participation. As we look at markets -- emerging markets, for example,

how are you going to get back to that higher level of growth is that the way to think about it yes i think the opportunity is both white space in terms of our category participation as well as our channel participation as we look at markets emerging markets for example


Additionally, our recently acquired convergent CRM system will contribute significantly in this sense, although we are still in the discovery phase of this project. As for action items, we are integrating our

additionally our recently acquired convergent crm system will contribute significantly in this sense although we are still in the discovery phase of this project as for action items we are integrating our


as you can see from our underlying performance in Distribution, they really made significant progress during the year. The impact from the overall performance, in particular in the fourth quarter, was that they reached levels

as you can see from our underlying performance in distribution they really made significant progress during the year the impact from the overall performance in particular in the fourth quarter was that they reached levels


What we saw through the winter was milder weather, so the reason it wasn't called upon was that the weather was milder than average. We actually did some post-event analysis to see what would've happened had we had average weather or even cold weather.

what we saw through the winter was milder weather so the reason it wasn't called upon was that the weather was milder than average we actually did some post-event analysis to see what would have happened had we had average weather or even cold weather


Now this is the environment that Julius Baer likes, performs best in. When it's uncertain, there are a lot of opportunities, there are a lot of ways for us to expand and develop our strategy further.

now this is the environment that julius baer likes performs best in when it's uncertain there are a lot of opportunities there are a lot of ways for us to expand and develop our strategy further


these particular engines run much longer than a standby genset. What you will see is more growth in the coming years in the Distribution business, triggered by all the engines that we are putting into the market today.

these particular engines run much longer than a standard diesel what you will see is more growth in the coming years in the distribution business triggered by all the engines that we are putting into the market today


growth. You can never be -- you can never absolutely shut down what opportunities the market will bring to you, but I think I was pretty clear there. I see the window of opportunity

you can never be -- you can never absolutely shut down what opportunities the market will bring to you but i think i was pretty clear there i see the window of opportunity


And second, can you talk about the recent securitizations? Has there been any discussions over the weekend about whether this impacts that and your interest in continuing to sell loans to that investor given the circumstances that have come to light?

and second can you talk about the recent securitizations has there been any discussions over the weekend about whether this impacts that and your interest in continuing to sell loans to that investor given the circumstances that have come to light


So it's kind of hard to give you a completely bullish answer because we're trying to be very, very disciplined. But we've been very, very fortunate in the last 18 months. And I hope that our luck continues and that we find things that can really

so it's kind of hard to give you a completely bullish answer because we're trying to be very very disciplined but we've been very very fortunate in the last 18 months and i hope that our luck continues and that we find things that can really


in Medicaid coordination of benefits and the other work that we provide. So we have a very significant competitive advantage to some of our competitors in the Program Integrity space due to that consolidation.

in medicaid coordination of benefits and the other work that we provide so we have a very significant competitive advantage to some of our competitors in the program integrity space due to that consolidation


We have continued to work with CMS in the face of these challenges, because we still believe RAC auditing is the best way to curb waste and abuse in the Medicare program and to preserve the trust funds for future generations.

we have continued to work with cms in the face of these challenges because we still believe rac auditing is the best way to curb waste and abuse in the medicare program and to preserve the trust funds for future generations


in terms of what our large customers are telling us, over time, they're going to look to consolidate vendors and deal with less vendors. So we believe, as a vendor of size and providing a broad suite of products,

in terms of what our large customers are telling us over time they're going to look to consolidate vendors and deal with less vendors so we believe as a vendor of size and providing a broad suite of products


Cash flow was negatively impacted by an increase in working capital, primarily driven by an increase in receivables in our Flight Systems and Defense Systems segments, driven by timing of milestone receipts.

cash flow was negatively impacted by an increase in working capital primarily driven by an increase in receivables in our flight systems and defense systems segments driven by timing of milestone receipts


Shipments to the aftermarket channel declined 2% on a tough prior year compare, the warmer weather we experienced during the quarter and a bit of pull forward of demand that we saw in the fourth quarter of last year.

shipments to the aftermarket chain declined 2% on a tough prior year compare the warmer weather we experienced during the quarter and a bit of pull forward of demand that we saw in the fourth quarter of last year


And we have reaffirmed our full year guidance for revenues and adjusted EBITDA. As always, we are focused on creating shareholder value for the long term and are steadfast in our mission to deliver operational excellence to our clients.

and we have reaffirmed our full year guidance for revenues and adjusted ebitda as always we are focused on creating shareholder value for the long term and are steadfast in our mission to deliver operational excellence to our clients


He will have responsibility for all of Nobilis' operating units nationally and will continue to focus on executing the company strategic plan. Kenneth is a proven leader and has played a pivotal role in executing Nobilis' growth strategies,

he will have responsibility for all of nobilis' operating units nationally and will continue to focus on executing the company's strategic plan kenneth is a proven leader and has played a pivotal role in executing nobilis' growth strategies


To reiterate, it was a very active and we believe a very successful quarter. Both Beach and Lattice assets have performed very well, with cash generation in the first half well exceeding our expectations.

to reiterate it was a very active and we believe a very successful quarter both beach and lattice assets have performed very well with cash generation in the first half well exceeding our expectations


the new capacity additions that will come onboard in China. They will start operation from this year and next year as well. But that amount coming from the new plant, whether or not it will have a big impact

the new capacity additions that will come on board in china they will start operation from this year and next year as well but that amount coming from the new plants whether or not it will have a big impact


analysis last year to validate that amount. Again, the information was somewhat limited because the company was in its nuances. There wasn't a lot of billing and collection information that was unique to the company.

analysis last year to validate that amount now again the information was somewhat limited because the company was in its nuances there wasn't a lot of billing and collection information that was unique to the company


There is no doubt that our businesses have been adversely affected by regulatory changes that have impacted our traditional strength in finance and insurance sales and by our exposure to lower-growth brands and locations.

there is no doubt that our businesses have been adversely affected by regulatory changes that have impacted our traditional strength in finance and insurance sales and by our exposure to lower growth brands and locations


So I think third quarter was probably a -- the lowest growth in terms of the quarterly growth over the past year or so, but we expect the growth to

so i think third quarter was probably the lowest growth in terms of the quarterly growth over the past year or so but we expect the growth to


At this time, we continue to explore our options and hope to have this process completed during the third quarter. I will again remind you that there can be no assurance that any actions will be taken as a result of this process. We have no further comments on this process at this time.

at this time we continue to explore our options and hope to have this process completed during the third quarter i will again remind you that there can be no assurance that any actions will be taken as a result of this process we have no further comments on this process at this time


is the selection and analysis of the most relevant comparable sales. Relevance is established by many factors, including proximity, how recently the sale occurred, quality of the property and many other variables.

is the selection and analysis of the most relevant comparable sales relevance is established by many factors including proximity how recently the sale occurred quality of the property and many other variables


As we're able to expand our services with these clients, we typically make the overall relationships more profitable, which helps to offset the higher rate we must pay on their initial deposits. And this brings up an important point about our business model.

as we're able to expand our services with these clients we typically make the overall relationships more profitable which helps to offset the higher rates we must pay on their initial deposits and this brings up an important point about our business model


you probably continue to see some margin pressures the first quarter or so of the year, with a very strong margin pick up as we get through the onboarding of this new business and some of the cost related to the start-up for that new business

you'll probably continue to see some margin pressures the first quarter or so of the year with very strong margin pickup as we get through the onboarding of this new business and some of the costs related to the startup of that new business


with the information that they have and their -- kind of their data and capability and sit down and bring those together and figure out how do we bring more overall both services to

with the information that they have in their kind of their data capability and sit down and bring those together and figure out how do we bring more overall both services to


It runs at a higher expense ratio, but a lower loss ratio. Having said that, I think the biggest challenge that we all have in the marketplace today with the expense ratio is commission expense.

it runs at a higher expense ratio but a lower loss ratio having said that i think the biggest challenge that we all have in the marketplace today with the expense ratio is commission expense


the fact is, you have founding partners likely starting to think about generational transfer, what the future for their business holds. And so we're also just at a point in time in the evolution of the private funds business where a lot of these

the fact is you have founding partners likely starting to think about generational transfer what the future for their business holds and so we're also just at a point in time in the evolution of the private funds business where a lot of these


First, our financial performance in Q3 is proving that there is little to fear in downturns as we now know them. They are shallower, shorter and much more profitable than the downturns of yesterday.

first our financial performance in q3 is proving that there is little to fear in downturns as we now know them they are shallower shorter and much more profitable than the downturns of yesterday


is quite intriguing to payers. As you might imagine, they're looking for the full data set including the randomized portion of the trial which, again, we should have that information some time in the first half of the year. So overall, things are trending well there.

is quite intriguing to payers as you might imagine they're looking for the full data set including the randomized portion of the trial which again we should have that information sometime in the first half of the year so overall things are trending well there


Now with that, I would like to turn the presentation back over to Cheri for her insights into our operations for the fiscal quarter and year-to-date as well as our outlook and strategic initiatives for the remainder of fiscal 2017 and beyond. Cheri?

now with that i would like to turn the presentation back over to sherry for her insights into our operations for the fiscal quarter and year-to-date as well as our outlook and strategic initiatives for the remainder of fiscal 2017 and beyond sherry


While we report our operations in 2 segments and each of these segments, Games and Payments, can be separated and operated independently, we do not see ourselves in that narrow context.

while we report our operations in 2 segments and each of these segments games and payments can be separated and operated independently we do not see ourselves in that narrow context


In terms of development support, we are increasingly excited about the added potential to create long-term value with sparsentan. As Steve mentioned, work on assessing additional indications is ongoing, and we look forward to giving more detail in the near future.

in terms of development support we are increasingly excited about the added potential to create long-term value with sparsentan as steve mentioned work on assessing additional indications is ongoing and we look forward to giving more detail in the near future


These inflows will undoubtedly have a stimulative impact on the economy. However, the effect will be tempered somewhat by the government austerity measures imposed by the revised fiscal plan.

these inflows will undoubtedly have a stimulus impact on the economy however the effect will be tempered somewhat by the government austerity measures imposed by the revised fiscal plan


Although we have been negatively affected by the imposition of U.S. tariffs on imports from China, the effect is not material to overall results. If the environment continues to shift, we are well positioned to deal with changing circumstances.

although we have been negatively affected by the imposition of u s tariffs on imports from china the effect is not material to overall results if the environment continues to shift we are well positioned to deal with changing circumstances


From a rate per loaded mile basis, we were out of bed a year ago. And if you look at us, and I'll let you do your own homework, but by our math, we think we're second only to one company in terms of rate per loaded mile right now coming out of the quarter.

from a rate per loaded mile basis we were out of bed a year ago and if you look at us and i'll let you do your own homework but by our math we think we're second only to one company in terms of rate per loaded mile right now coming out of quarter


So we have some harass the -- with our contractors. And according to the situation, we have obtained a really good answer from our armed forces

so we have some harassed with our contractors and according to the situation we have obtained a really good answer from our armed forces


I guess, echoing Darrel, it's not impossible that we go a bit higher, but it's certainly been a steady pace in and around this level. And we usually don't hope for it to be higher because it's been fairly sustainable at the level that it's at.

i guess echoing daryl it's not impossible that we go a bit higher but it's certainly been a steady pace in and around this level and we usually don't hope for it to be higher because it's been fairly sustainable at the level that it's at


As we get further into 2018, we anticipate that inventory levels across the channel will stabilize, and we will see more robust sequential growth and a tighter correlation between shipments to distributors and move-out to clinics.

as we get further into 2018 we anticipate that inventory levels across the channel will stabilize and we will see more robust sequential growth and a tighter correlation between shipments to distributors and move out to clinics


We will make forward-looking statements during the call, which are based on management's current expectations. We caution listeners that these forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations.

we will make forward-looking statements during the call which are based on management's current expectations we caution listeners that these forward-looking statements are subject to risks uncertainties and assumptions that could cause actual results to differ materially from our expectations


As shown on the next slide, our lease book is well diversified both in terms of industry and also geography, and the residual value as a proportion of total lease book is less than 1%. We'll now go through the financial

as shown on the next slide our lease book is well diversified both in terms of industry and also geography and the residual value as a proportion of total lease book is less than 1% we'll now go through the financial


We'll certainly take your comments under advisement because you're not the only voice on that side of the ledger. So far, even though we discussed it with the board and discussed it internally,

we'll certainly take your comments under advisement because you're not the only voice on that side of the ledger so far even though we discuss it with the board and discuss it internally


The wheat biscuit category, unfortunately, experienced some declines and in particular the core wheat biscuit range is declining in the market so much so that the market leader had to discount significantly to hold up volumes.

the wheat biscuit category unfortunately experienced some declines and in particular the core wheat biscuit range is declining in the market so much so that the market leader had to discount significantly to hold up volumes


We have the most talented employees in the business. They are motivated in good times and bad and continue to be committed to our customers. We appreciate their support toward Powell's future success. With that, I'll turn the call over to Don.

we have the most talented employees in the business they are motivated in good times and bad and continue to be committed to our customers we appreciate their support towards powell's future success with that i'll turn the call over to don


She will also continue to build our change management services, which are increasingly in demand in every change-related project as more and more of our client base understands that you have to address the people side of transformation, too.

she will also continue to build our change management services which are increasingly in demand in every change-related project as more and more of our client base understands that you have to address the people side of transformation too


Our backlog is higher today than it was a year ago. And the shakiness that the industry seems to have felt in the December quarter appears to be subsiding. We are watching boat show trends carefully, and they are improving.

our backlog is higher today than it was a year ago and the shakiness that the industry seems to have felt in the december quarter appears to be subsiding we are watching boat show trends carefully and they are improving


The third point is the utilization of open innovation and ICT. By improving our product competitiveness and promoting work style reform, we'll contribute to the realization of the ultrasmart society.

the third point is the utilization of open innovation and ict by improving our product competitiveness and promoting work style reform we'll contribute to the realization of the altrusmart society


We continue to gain momentum and awareness within the pharma and biotech industry regarding the potential for our C1 gene expression platform to potentially disrupt the status quo and helping to speed up the development,

we continue to gain momentum and awareness within the pharma and biotech industry regarding the potential for our c1 gene expression platform to potentially disrupt the status quo and helping to speed up the development


First, we continue to enhance focus against our leading consumer healthcare portfolio, which is expected to grow over time, driven by our brand building playbook as well as structural consumer interest around self-treatment.

first we continue to enhance focus against our leading consumer health care portfolio which is expected to grow over time driven by our brand building playbook as well as structural consumer interest around self-treatment


Along the way, we're required to do some additional work on permitting that was unexpected last summer when we developed our plans, and that's moved that project out. So all 3 projects, the delays are attributable to

along the way we were required to do some additional work on permitting that was unexpected last summer when we developed our plans and that's moved that project out so in all 3 projects the delays are attributable to


We continue to believe that the overall reform movement in China, including the government's bold strategies to bring healthcare products and services to the entire population, address serious public health issues,

we continue to believe that the overall reform movement in china including the government's bold strategies to bring healthcare product and services to the entire population address serious public health issues


In the current political and economic environment, we also need to maintain a robust balance sheet, as is evidenced by our strong capital ratios and liquidity metrics, as well as the levels of interest rate risk in the banking book that we currently maintain.

in the current political and economic environment we also need to maintain a robust balance sheet as is evidenced by our strong capital ratios and liquidity metrics as well as the levels of interest rate risk in the banking book that we currently maintain


In addition, we benefit from our location in the middle of the Pacific, which helps insulate our retail portfolio from some of the negative impacts that are plaguing the retail sector on the Mainland, including, of course, Internet shopping.

in addition we benefit from our location in the middle of the pacific which helps insulate our retail portfolio from some of the negative impacts that are plaguing the retail sector on the mainland including of course internet shopping


Going forward, we'll continue to advance implementation of our Hawaii commercial real estate growth strategy and work through the remaining conversion steps and related events we detailed in our REIT conversion announcement presentation, including the holding company merger vote,

going forward we'll continue to advance implementation of our hawaii commercial real estate growth strategy and work through the remaining conversion steps and related events we detailed in our reit conversion announcement presentation including the holding company merger vote


It's a year we will materially step up investment, spending behind our major brands and the continued alignment of our organizational structure and operating processes to streamline our activities and reduce waste.

it's a year where we will materially step up investment spending behind our major brands and a continued alignment of our organizational structure and operating processes to streamline our activities and reduce waste


when we look at it, everything else equal, we will continue to strengthen the balance sheet. And then how we use that stronger and stronger balance sheet, I think that's easier. I mean, the important part is to strengthen the balance sheet.

when we look at it everything else equal we will continue to strengthen the balance sheet and then how we use that stronger and stronger balance sheet i think that's easier i mean the important part is to strengthen the balance sheet


From now on, we want to, in a proactive but humble manner, contribute to businesses where we are confident that our strengths and functions are of use for the growth of their respective companies.

from now on we want to in a proactive but humble manner contribute to businesses where we are confident that our strengths and functions are of use for the growth of the respective companies


being a little bit more focused on positive operating leverage. And so I think you're correct that our expense base is higher than what I would have said a year ago, I think,

being a little bit more focused on positive operating leverage and so i think you're correct that our expense base is higher than what i would have said a year ago i think


So additional perf clusters leading to lesser stage count. We actually think that adds to the efficiency of the well and reduces the time to drill,

so additional perf clusters leading to lesser stage count we actually think that adds to the efficiency of the well and reduces the time to drill


And we believe this trend will only increase over time. Again, keep in mind that we intend to take blood from a patient, genetically alter the cells without the use of a virus and reinfuse these altered cells back into the patient

and we believe this trend will only increase over time again keep in mind that we intend to take blood from a patient genetically alter the cells without the use of a virus and reinfuse these altered cells back into the patient


to delever. Are you are choosing not to? Or is there a cash flow timing issue? Or you actually don't have enough cash? And if you're not retiring that debt because I think that's what investors want you to do

to delever are you choosing not to or is there a cash flow timing issue where you actually don't have enough cash and if you're not retiring that debt because i think that's what investors want you to do


And the reserves and impact on provisions will be a function of the size of the credit portfolio. So a majority of the impact that we saw in the restructuring of the loans and credits are already absorbed, as I mentioned to you before.

and the reserves and impact on provisions will be a function of the size of the credit portfolio so majority of the impact that we saw in the restructuring of the loans and credits are already absorbed as i mentioned to you before


This group has also been tasked with establishing a secondary pipeline capacity trading platform. The trading platform builds on the work that APA has done to develop innovative capacity trading products for shippers to readily trade their capacity.

this group has also been tasked with establishing a secondary pipeline capacity trading platform the trading platform builds on the work that aba has done to develop innovative capacity trading products for shippers to readily trade their capacity


If we identify an account that is not generating sufficient returns, we will first work to ensure we are doing our part to meet bid, pricing and model expectations, i.e. are we running the business how we priced it? Second,

if we identify an account that is not generating sufficient returns we will first work to ensure we are doing our part to meet bid pricing and model expectations i e are we running the business how we priced it second


And so there are 2 ways. That while we're doing an acquisition, we'd like to be able to advertise that we have better coverage because of enhanced cash flows, and that they are attenuated. They go out further years. That's why it was important for us to take that

and so there are 2 ways that were we doing an acquisition we'd like to be able to advertise that we have better coverage because of enhanced cash flows and that they are attenuated they go out further years that's why it was important for us to take that


More importantly, as I mentioned earlier in my remarks, our focus on capital discipline and cash flow generation goes beyond this calendar year and we are committed to running this business with a focus on enhancing shareholder returns going forward.

more importantly as i mentioned earlier in my remarks our focus on capital discipline and cash flow generation goes beyond this calendar year and we are committed to running this business with a focus on enhancing shareholder returns going forward


But we feel good about where we are. We are a critical supplier partner with the large insulin manufacturers. We also have connectivity to other firms that are looking at this space from a device perspective. So

but we feel good about where we are we are a critical supplier partner with the large insulin manufacturers we also have connectivity to other firms that are looking at this space from a device perspective so


And we're continuing to make progress, as we have indicated, on reducing our admin costs, which allows us to continue to provide the right pricing and still provide the right returns.

and we're continuing to make progress as we have indicated on reducing our admin costs which allows us to continue to provide the right pricing and still provide the right returns


So the ambition is not any different in Europe as in the emerging markets. The contribution of the growth will be different, obviously, but the ambition to outperform and the ability to outperform is exactly the same.

so the ambition is not any different in europe as in the emerging markets the contribution of the growth will be different obviously but the ambition to outperform and the ability to outperform is exactly the same


And really what I am driving at here is the sustainability of this margin improvement, especially given, I think, I heard you say that don't expect that the parts and service revenue growth we saw in the first quarter to be extended into the rest of the year.

and really what i'm driving at here is the sustainability of this margin improvement especially given i think i heard you say that don't expect that the parts and service revenue growth we saw in the first quarter to be extended into the rest of the year


We look forward to continuing to service our customers and provide strong and stable returns to our shareholders by focusing on our core markets, maintaining our leading position in Bermuda and the Cayman Islands and scaling our trust and asset management business.

we look forward to continuing to service our customers and provide strong and stable returns to our shareholders by focusing on our core markets maintaining our leading position in bermuda and the cayman islands and scaling our trust and asset management business


A great example of the convergence of design and make was a significantly expanded deal we signed with Daiwa House industries, one of the largest construction companies in Japan. They sell prefabricated homes in the region and are working to expand globally.

a great example of the convergence of design and make was a significantly expanded deal we signed with daiwa house industries one of the largest construction companies in japan they sell prefabricated homes in the region and are working to expand globally


just -- is there any way you can kind of or do you feel like you've accounted for the risk that you could have additional boycotts with the show? And I guess, as it relates to the Winter show,

i just -- is there any way you can kind of -- or do you feel like you've accounted for the risk that you could have additional boycotts with this show and i guess as it relates to the winter show


while there is a case to support the expansion of Heathrow, we would only do so if the costs of that expansion are managed and result to no increase in passenger charges. We don't believe in any case whatsoever

while there is a case to support the expansion of peak flow we would only do so if the costs of that expansion are managed and result in no increase in passenger charges we don't believe there's any case whatsoever


of margin. So we're just beginning, but we think it's an excellent way to look at the business. It's a part of our Grow and Optimize strategy because optimize means optimizing your customer base as well

of margin so we're just beginning but we think it's an excellent way to look at the business it's a part of our grow and optimize strategy because optimize means optimizing your customer base as well


The truth is we probably should have been doing this on a recurring basis 5 or 10 years ago. But we absolutely can do it now, and that creates an incremental recurring revenue stream for us and one that's

the truth is we probably should have been doing this on a recurring basis 5 or 10 years ago but we absolutely can do it now and that creates an incremental recurring revenue stream for us and one that's


It is worth noting that since the DUET results were originally announced and presented last fall, external awareness and excitement around the sparsentan program has grown significantly and the investigator patient and advocacy communities

it is worth noting that since the duet results were originally announced and presented last fall external awareness and excitement around the sparcentan program has grown significantly in the investigator patient and advocacy communities


Chinese textile production. So it's really who the customer is, really when you come down to it. And if you have -- we sell in 40 countries, and the first thing I always ask is what's the tariff into that country?

chinese textile production so it's really who the customer is really when you come down to it and if you have -- we sell in 40 countries and the first thing i always ask is what's the tariff into that country


As Slide 5 highlights, this was a phenomenal leasing quarter. And as I just mentioned, we set a number of records. The revenue signed was more than double the prior 4-quarter average. And through the first half of the year, we have signed more revenue than we did all of last year.

as slide 5 highlights this was a phenomenal leasing quarter and as i just mentioned we set a number of records the revenue signed was more than double the prior fourth quarter average and through the first half of the year we have signed more revenue than we did all of last year


and you put all that together and you have a very bullish growth outlook for natural gas and electric generation. But there are other factors. The second demand driver is natural gas exports to Mexico. It's real and it's growing. Let me give you the facts.

and you put all that together and you have a very bullish growth outlook for natural gas in electric generation but there are other factors the second demand driver is natural gas exports to mexico it's real and it's growing let me give you the facts


It seemed like the -- again, it harmed us a little more earlier. The wet that we got in the spring hurt us last year in terms of the irrigation load. And I remember sitting here and thinking, well, we might catch up, and I don't know that we quite did.

it seems like the -- again it harmed us a little more earlier the wet that we got in the spring hurt us last year in terms of the irrigation load and i remember sitting here thinking well we might catch up and i don't know that we quite did


Most of my questions have been answered. I guess just 2 follow-ups. One, can you just comment on the sort of order trends or what you've seen so far in the first quarter? I would assume the demand trends continue to be strong, and I don't know if they were trending above

most of my questions have been answered i guess just 2 follow-ups one can you just comment on the sort of order trends or what you've seen so far in the first quarter i would assume the demand trends continue to be strong and i don't know if they're trending above


In addition to this, weather-adjusted loads were down for the quarter due to energy efficiency with building codes and standards likely reducing energy deliveries beyond the impact of energy efficiency programs.

in addition to this weather-adjusted loads were down for the quarter due to energy efficiency with building codes and standards likely reducing energy deliveries beyond the impact of energy efficiency programs


is the right thing to do relative to the tax law change. Again, in the big scheme of things relative to the impact of this, it's a small number, and there are other things that we're thinking of. But I would also put them in the context of thinking of other things relative to

is the right thing to do relative to the tax law change again in the big scheme of things relative to the impact of this it's a small number and there are other things that we're thinking of but i would also put them in the context of thinking of other things relative to


from the ACAS acquisition is providing a nice tailwind. We continue to manage the company in what we believe to be a prudent fashion and in the same manner that we've operated over the last 14 years. And we believe that should serve us well, even if the environment becomes more difficult.

from the acas acquisition is providing a nice tailwind we continue to manage the company in what we believe to be a prudent fashion and in the same manner that we've operated over the last 14 years and we believe that should serve us well even if the environment becomes more difficult


with better risk-adjusted returns. We use our long-standing relationships, the flexibility of our capital and large commitment sizes and final hold capabilities to differentiate ourselves in the more competitive situations.

with better risk-adjusted returns we use our long-standing relationships the flexibility of our capital and large commitment sizes and final hold capabilities to differentiate ourselves in the more competitive situations


And I think the biggest proxy for that for us is brand awareness in terms of understanding how successful these marketing campaigns are. And as we've shared a number of times, our brand awareness continues to go up,

and i think the biggest proxy for that for us is brand awareness in terms of understanding how successful these marketing campaigns are and as we've shared a number of times our brand awareness continues to go up


in a subscription model that gives us recurring revenue, that grows our recurring revenue. It actually helps our margins, and it gives our salespeople something else to sell in their bag, which obviously helps with

in a subscription model that gives us recurring revenue that grows our recurring revenue it actually helps our margins and it gives our salespeople something else to sell in their bag which obviously helps with


a significant investment into the high-growth developing markets. Before we get later into the numbers, just a little bit our reporting as well as organizational structure, restructured in 3 businesses

significant investment into the high growth developing markets before we get later into the numbers just a little bit our reporting as well as organizational structure was structured in 3 businesses


Yes. This is Keith. Let me try to address this. So generally speaking, if you think about how companies differentiate themselves, they do it on service and they do it specifically around the consumer experience. And so that's why we're seeing

yes so hi this is keith let me try to address this so generally speaking if you think about how companies differentiate themselves they do it on service and they do it specifically around the consumer experience and so that's why we're seeing


corporate and technology. Looking at our automotive business, our focus in the past 4 quarters has been on integrating the company and transforming our operating performance.

corporate and technology looking at our automotive business our focus in the past 4 quarters has been on integrating the company and transforming our operating performance


Shifting South to Kentucky. We retired the final 2 generating units at our Green River station on September 30. This marks the completion of our plan to retire 800 megawatts of coal-fired generation in Kentucky.

shifting south to kentucky we retired the final 2 generating units at our green river station on september 30 this marks the completion of our plan to retire 800 megawatts of coal-fired generation in kentucky


you have somewhat slower intake. I'm just wondering whether there's a new balance to be struck now that the ID sort of systems are in place or whether this is just a quarter with slightly slower growth and higher margin,

you have somewhat slower intake i'm just wondering whether there's a new balance to be struck now that the id sort of systems are in place or whether this is just a quarter with slightly slower growth and higher margin


on the basis of their own needs to satisfy infrastructure development. And of course, that's a function of a lot of things, including, by the way, when we think about places like Argentina, what's happening in the government and the ability to fund some of these projects.

on the basis of their own needs to satisfy infrastructure development and of course that's a function of a lot of things including by the way when we think about places like argentina what's happening in the government and the ability to fund some of these projects


Russian market impact that will potentially lead to less business open for us and everybody else but not a specifically Sulzer and Renova impact because once again we run own show in Russia and we don't need anything

russian market impact that will potentially lead to less business open for us and everybody else but not as specifically sulzer and renova impact because once again we run our own show in russia and we don't need anything


Okay. Maybe turning over to the wireless communication modules that you've mentioned. When do you think you'll be qualified for shipments on those? And maybe can you give us an idea on what the average selling price would be for those?

okay maybe turning over to the wireless communication modules that you mentioned when do you think you'll be qualified for shipments on those and maybe can you give us an idea of what the average selling price would be for those


allow all third-party stock price services to correctly indicate and reflect our dividend yield and more clearly align the dividend yield reflected by our new regular monthly dividends with our goal of generating best-in-class returns on our equity.


educating the customer on the risks associated with unstructured data. Do you believe that customers now are beginning to really understand these risks? And do you guys have more of a strategic security investment?

educating the customer on the risks associated with unstructured data do you believe that customers now are beginning to really understand these risks and seeing you guys as more of a strategic security investment


Mexico and Canada. So again, I'm not going to take a prediction as to what that's going to look like in the future, but I have a hard time believing that it's going to go away entirely.

mexico and canada so again i'm not going to make a prediction as to what that's going to look like in the future but i have a hard time believing that it's going to go away entirely


the ground as we had anticipated. I'd say the client reaction probably a little bit better than we had anticipated. We're being careful not to oversell it. We have lots of audits through the facility and lots of visits by clients and lots of requests

the ground as we had anticipated i'd say the client reaction is probably a little bit better than we had anticipated we're being very careful not to oversell it we have lots of audits through the facility and lots of visits by clients and lots of requests


aggressively pursuing commodity deflation and other pricing opportunities to partially mitigate this impact. It will position us to demonstrate continued operating leverage in 2016 as well as reasonable earnings growth.

aggressively pursuing commodity deflation and other pricing opportunities to partially mitigate this impact and it will position us to demonstrate continued operating leverage in 2016 as well as reasonable earnings growth


We still expect a strong performance from HHI this year, driven by strong innovation such as the recent unveiling of a new line of Wi-Fi-enabled Halo Smart Locks at the Consumer Electronics Show just this past January.

we still expect a strong performance from hhi this year driven by strong innovation such as the recent unveiling of a new line of wifi-enabled halo smart locks at the consumer electronics show just this past january


deadline for each or all parties need to make themselves aware or make a presentation or, I mean, exactly how is this going to work with respect to the increasing value of the asset over time?

deadline for which all parties need to make themselves aware or make a presentation or -- i mean exactly how is this going to work with respect to the increasing value of the asset over time


does not change as quickly and as significantly as virgin polyethylene. So while you could see an increase of virgin polyethylene in the next several months,

does not change as quickly and as significantly as virgin polyethylene so while you could see an increase of virgin polyethylene in the next several months


As we have progressed and learned over the last few months in particular, we are certainly smarter and better positioned for value creation. For example, we saw great maturation in our clinical data in our IL-12 GBM patients,

as we have progressed and learned over the last few months in particular we are certainly smarter and better positioned for value creation for example we saw great maturation in our clinical data on our il-12 gbm patients


high impact and high value and -- from suppliers that are very sticky. So what we want to do is identify companies who are selling their complementary products into the same strategic market space that we are, which is the regen med space, the cell and gene therapy space.

high impact and high value and from suppliers that are very sticky so what we want to do is identify companies who are selling their complementary products into the same strategic market space that we are which is the regenmed space the cell and gene therapy space


But we're not going to forgo opportunities. If we think that we see one in terms of additional acreage to pick up or an acquisition or an unique opportunity to go ahead and progress investments in a lower cost structure or

but we're not going to forego opportunities if we think that we see one in terms of additional acreage to pick up or an acquisition or a unique opportunity to go ahead and progress investments in a lower cost structure or